5314 Policy – Tax-Deferred Annuities – Regulated Company Stock

The district will enter into an agreement for the purchase of tax-deferred annuity contracts or regulated company stock held in a custodial account which meets the requirements of 26 U.S.C. Sections 403(b) and 403(b)(7) as now or hereafter amended, on behalf of any employee of the district who elects to participate in such a program.

In order to protect the district’s interest and that of its employees, the district will require the following:

  1. Only agents, brokers, and companies licensed by the state of Washington are permitted to solicit tax-deferred annuities or regulated company stock held in a custodial account.
  2. At least five (5) employees of the district have requested that the district enter into a contract with an authorized com
  3. Solicitation of employees for the purpose of selling tax-deferred annuities or regulated company stock held in a custodial account on school premises will be prohibited during normal school hours.
  4. The participating companies will be required to execute a hold harmless agreement protecting the district from any liability attendant to procuring tax-deferred annuities or regulated company stock held in a custodial account. Agents representing these companies will also be required to sign a separate hold harmless agreement with the district.

Employees and authorized companies/agents will adhere to all policies and procedures for tax-deferred annuities.  This includes the completion of all documents required by the district under the administrative procedure.

 

Approved By: Greg Baker
Adopted: 04/22/99
Revised: 04/28/17
Approved: Superintendent Approved
Legal References: Content
 

RCW 28A.400.250 Tax-Deferred Annuities